EU may embargo Russian oil by the end of the year

After a meeting of the European Commission and EU member states over the weekend, the EU began preparing to roll out a sixth package of sanctions against Russia. This package of sanctions is expected to target Russian oil, banks and individuals and businesses of Russia and Belarus.

This embargo plan is being rushed to be completed and submitted to the Permanent Representative Conference of EU member states on May 4. Approval is expected to take place later this week.

Some EU countries are now said to be able to stop importing Russian oil before the end of the year, but some countries are still concerned about the impact on prices.

Germany, one of the biggest buyers of Russian oil, has now shown a willingness to end imports of Russian oil by the end of the year.

Earlier, Ukraine’s Foreign Minister Dmytro Kuleba said that during a meeting with the EU’s top diplomat Josep Borrell, he had asked to include Russian oil in the next package of European sanctions. “We have to use our financial and economic might to force Russia to pay for what it’s doing,” Borrell replied.

US Treasury Secretary Janet Yellen also warned that the European embargo on Russian oil would not have much impact because Russia would still benefit from it. oil export high prices elsewhere.

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